Third Quarter 2020

Dear Shareholders,

I am pleased to provide you with a quarterly update of Fortune Bay Corp. by way of this letter ‘From the CEO’s Desk’. This is something we plan to provide to shareholders and potential investors following each calendar quarter to summarize our ongoing developments, and activities going forward. We encourage you to read this in conjunction with our material news items, provided in our news releases, and our quarterly financial statements and MD&A. This update does contain Forward-Looking Statements so please refer to the Company’s Cautionary Note appended below.

It has been four months since I joined Fortune Bay as CEO. This has been a busy and exciting time for the Company, both developing a corporate strategic plan and beginning the process of executing on those plans. Much of this work has been behind-the-scenes, however extremely important as we put the necessary building blocks in place that will be foundational to our future success.

Our Strategy

Our corporate strategy is simple:

  1. Unlock Value – Our projects have intrinsic value, based on historical work, with the potential to be unlocked.
  2. Make Better – Our projects have the potential to be made better, through further science-based exploration and development work.
  3. Acquire – Acquire new strategic projects where we can repeat the process of unlocking value and making better, and by doing so create a pipeline of growth opportunities.

There is currently an unprecedented shortage of good development projects across the gold mining landscape. This is owing to the ‘discovery deficit’ whereby the mining of gold is significantly outpacing the discovery of new resources and reserves. As a result, mining companies are on the look-out for new high-quality projects. The ‘discovery deficit’, particularly in the context of the current gold bull market, puts Fortune Bay in a strong position with two projects which both have exploration and development upside.

We believe effective execution of our corporate strategy, coupled with successful exploration and development results, will enable us to create highly sought-after projects - a result which is expected to create significant value for our shareholders and stakeholders.

Much work lies ahead, and this starts with bringing in the right people.

Our People

During the past quarter, our team has grown considerably. We have appointed a Technical Director (Gareth Garlick) and a Senior Project Geologist (Eric Bort). We have also engaged with a Corporate Development Manager (Christopher Drysdale) and Project Generation Lead (William Yeomans) on a consulting basis. It has been rewarding to see these skilled and experienced professionals join Sarah Oliver (our CFO) and I as we build a team culture based on our values of being Team-Centric, Project-Focused, Responsible and Efficient & Effective.

We also recently (October 2nd, 2020) announced the appointment Ms. Melinda Lee, CPA, CA, ICD.D and Mr. Robert Shaw, M.Sc. Economic Geology to our Board of Directors. Melinda and Robert bring a wealth of governance and technical experience to the Company, respectively, which will be valuable as we pursue our corporate objectives.

Our Plans

On July 28th, 2020 we announced plans for the Goldfields Project in northern Saskatchewan for the second half of 2020 which includes; 1) commencing an updated mineral resource estimate for the project, 2) resource expansion and exploration drill planning, and 3) project development review and planning.

Work is well underway on these objectives. In September, our technical team spent three weeks in the field at Goldfields undertaking geological work to support the updated mineral resource estimate, define target areas for exploration drilling, and complete operational and logistical assessments. We also made important introductions to local community members and had a community representative group, Ya' Thi Néné Lands and Resources, join us for a field visit of the historic Box mine and mill site. Our team will be back at site during October to continue with the verification of historical data, including a repeat sampling program of historical cores to verify assay results.

Following the announcement of drill targets for the Goldfields project (see our news release dated October 13th, 2020), we are looking forward to our inaugural drilling program. An application for an 18-month drilling permit was submitted to the Government of Saskatchewan in mid-August, which is expected to be granted later this year following successful completion of the review and consultation process. Detailed planning for a drilling program is underway.

Our Presence

During the past quarter we have also been working to increase visibility of the Company. We completed a listing on the Frankfurt stock exchange under the symbol 5QN (Official link: https://www.boerse-frankfurt.de/aktie/fortune-bay-corp-n). This dual listing increases the Company’s potential investor base as it enables investors across Europe to invest in, and trade the Company’s shares.

We also launched a new Corporate Presentation, revamped our website, and activated LinkedIn and Twitter accounts. We attended our first conference in mid-September at Precious Metals Summit Beaver Creek (Virtual) and gave a corporate presentation. Financial media interviews were held with CRUX Investor and SNN. As our level of activity increases, we will be looking to broaden our investor outreach.

Upcoming virtual events where Fortune Bay will be in attendance include the 121 Mining Investment Americas Conference (Virtual) from October 28th to 30th, 2020, and the Precious Metals Summit Europe Conference (Virtual) from November 2nd to 3rd, 2020. We look forward to continuing to share the Fortune Bay story at these high-profile events.

I look forward to staying in touch with future quarterly updates. In the interim, please feel free to get in touch with us should you have any questions, by email info@fortunebaycorp.com or telephone +1 902 334 1919. Also please do not forget to subscribe on our website and follow us on LinkedIn and/or Twitter to ensure you catch all the Fortune Bay action.

Yours sincerely,

Dale Verran
Chief Executive Officer

Cautionary Note: Forward Looking Statements

Information set forth in this update ‘From the CEO’s Desk’ contains forward-looking statements that are based on assumptions as of the date of this presentation. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. Fortune Bay Corp. (“Fortune Bay” or the “Company”) cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond Fortune Bay's control. Such factors include, among other things: risks and uncertainties relating to metal prices, changes in planned work resulting from weather, logistical, technical or other factors, the possibility that results of work will not fulfill expectations and realize the perceived potential of Fortune Bay's mineral properties, uncertainties involved in the interpretation of drilling results and other tests, the possibility that required permits may not be obtained in a timely manner or at all, risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions, the possibility of cost overruns or unanticipated expenses in work programs, the risk of environmental contamination or damage resulting from the exploration operations, the need to comply with environmental and governmental regulations and the lack of availability of necessary capital, which may not be available to Fortune Bay acceptable to it, or at all. Fortune Bay is subject to the specific risks inherent in the mining business as well as general economic and business conditions. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Fortune Bay undertakes no obligation to publicly update or revise forward-looking information. Fortune Bay does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation. For more information on Fortune Bay, readers should refer to Fortune Bay's website at www.fortunebaycorp.com.

Download Release

Sign up to receive news and updates